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KBA

KraneShares Bosera MSCI China A Share ETF

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Investment Strategy:

KBA is benchmarked to the MSCI China A Index which captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges (A-shares). Over the coming years, MSCI will complete the incremental inclusion of China A-shares into their Global Standard Indexes, including the MSCI Emerging Markets Index, which may potentially benefit the securities KBA holds today. The MSCI China A Index is designed for global investors accessing the A-share market using the Stock Connect framework and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).

KBA features:

  • Access to the Shanghai and Shenzhen Stock Exchanges - historically unavailable to U.S. investors - via Stock Connect Programs.
  • KBA's benchmark, The MSCI China A Index, reflects a 20% inclusion factor for China A large-cap, mid-cap, and eligible ChiNext shares within the MSCI Emerging Markets Index.
  • With over $1.8 trillion1 benchmarked to the MSCI Emerging Markets Index, full inclusion of Mainland Chinese equities could see significant flows into the securities KBA owns today.
  • Co-managed by Bosera Asset Management; headquartered in Shenzhen, over $151 billion in AUM, one of the largest Chinese asset managers by assets.2

1.) As of June 30, 2018, as reported on September 30, 2018 by eVestment, Morningstar and Bloomberg. Retrieved 3/31/2020.

2.) Bosera data is from bosera.com as of 12/31/2019, retrieved on 3/31/2020.

Fund Details

Data as of 07/27/2021
TickerKBA
Primary ExchangeNYSE
CUSIP500767405
ISINUS5007674055
Net Assets$784,379,978
Total Annual Fund Operating Expense (Gross)0.79%
Total Annual Fund Operating Expense (Net)0.59%*
Inception Date3/4/2014
Distribution FrequencyAnnual

Fund Documents

Daily Performance

Data as of 07/27/2021
Premium Discount Chart
NAV
Net Asset Value$43.82 
Daily Change-3.97%
Price
Market Price$43.22 
Daily Change-4.59%
30 Day Median Bid/Ask Spread
Value0.09%

The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

Performance History

Distributions
Cumulative %
Data as of: 06/30/2021		Fund NAVClosing PriceIndex
1 Month-1.09%-1.91%-1.45%
3 Month9.30%8.14%9.19%
6 Month4.39%4.25%4.62%
Since Inception131.37%130.81%148.16%
Avg Annualized %
Data as of quarter end: 06/30/2021		Fund NAVClosing PriceIndex
1 Year41.80%41.86%42.61%
3 Year19.28%19.33%20.02%
5 Year13.59%13.56%13.05%
Since Inception12.14% 12.10%13.20%
Growth of $10,000
Data as of 07/27/2021

*Pursuant to the terms of an Expense Limitation Agreement, Krane Funds Advisors, LLC (“Krane”), the Fund’s investment manager, has contractually agreed to reduce its management fee to 0.58% of the Fund’s average daily net assets until August 1, 2021. The Expense Limitation Agreement may only be terminated prior to August 1, 2020 by the Board.

The Hybrid KBA Index consists of the MSCI China A Index from the inception of the Fund through October 23, 2014, the MSCI China A International Index from October 23, 2014 through December 26, 2017 and the MSCI China A Inclusion Index from December 26, 2017 to May 29, 2019 and the MSCI China A Index going forward.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only.

Top 10 Holdings

Data as of 07/27/2021
Full Holdings .CSV
RankCompany Name% of Net AssetsTickerIdentifierShares HeldMarket Value($)
1KWEICHOW MOUTAI CO LTD-A5.33%600519CNE0000018R8154,98940,724,213
2CONTEMPORARY A-A2.85%300750CNE100003662287,23321,810,312
3CHINESE YUAN RENMINBI2.69%––134,031,87520,560,347
4CHINA MERCHANTS BANK-A2.35%600036CNE000001B332,541,10117,997,167
5WULIANGYE YIBIN CO LTD-A2.22%000858CNE000000VQ8478,77916,976,624
6PING AN INSURA-A1.41%601318CNE000001R841,335,63410,791,284
7CHINA TOURISM-A1.23%601888CNE100000G29240,7039,378,590
8SHENZHEN MINDR-A1.18%300760CNE100003G67150,0519,013,027
9LONGI GREEN EN-A1.09%601012CNE100001FR6651,1598,359,551
10BYD CO LTD -A1.07%002594CNE100001526223,5098,184,421

Holdings are subject to change.

Related Content:

Topics

©2021 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017

Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full & summary prospectus, which may be obtained here: KWEB, KBA, KURE, KFYP, KGRN, KALL, KBND, KCCB, OBOR, KARS, KEMQ, KMED, KEMX, KESG, KFVG, KBUY, KSTR, KRBN, KTEC. Read the prospectus carefully before investing. Please note these links also contain the Funds' top ten holdings, performance, and other important information.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives.

The Funds are subject to political, social or economic instability within China which may cause decline in value. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume.

The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset's market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk.

The Funds are subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate which may cause the Fund to suffer losses.

Narrowly focused investments typically exhibit higher volatility. The Funds' assets are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries. The securities of companies in an industry or group of industries could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect one industry or group of industries or sector. KWEB, KURE, KFYP, KGRN, KBND, KCCB, OBOR, KARS, KEMQ, KMED, KESG, KFVG, KBUY, KSTR, KRBN, and KTEC are non-diversified.

The ability of KBA, KALL, OBOR, KEMQ, KARS, KURE, KMED, KBUY, KSTR, KESG and KTEC to achieve their respective investment objectives is dependent, in part, on the continuous availability of A Shares and the ability to obtain, if necessary, additional A Shares quota. If a Fund is unable to obtain sufficient exposure to limited availability of A Share quota, the Fund could seek exposure to the component securities of the Underlying Index by investment in other types of securities.

KBND and KCCB are subject to interest rate risk, which is the chance that bonds will decline in value as interest rates rise. The components of the securities held by these Funds will be rated by Chinese credit rating agencies, which may use different criteria and methodology than U.S. entities or international credit rating agencies. The Funds may invest in high yield and unrated securities, whose prices are generally more sensitive to adverse economic changes and consequently more volatile.

KBND and KCCB invest in perpetual bonds, which offer fixed return with no maturity date. Perpetual bonds can be more volatile than other types of bonds that have a maturity date and may be more sensitive to changes to interest rates.The Fund depends on the CIBM Program to invest directly in RMB Bonds. There is no guarantee the Fund will be able to continue to participate in the program.

KBND is subject to sovereign and quasi-sovereign debt risk. The governmental authority that controls the repayment of sovereign and quasi-sovereign debt may be unwilling or unable to repay the principal and/or interest when due.

KGRN and KESG may underperform other similar funds that do not consider conscious company/ESG guidelines when making investment decisions.

KSTR and KTEC may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

KRBN relies on the existence of cap and trade regimes. There is no assurance that cap and trade regimes will continue to exist, or that they will prove to be an effective method of reduction in GHG emissions. Changes in U.S. law and related regulations may impact how the way the Fund operates, increase Fund costs and/or change the competitive landscape. Funds may underperform other similar funds that do not consider conscious company/ESG guidelines when making investment decisions.

KRBN invests through a subsidiary and is indirectly exposed to the risks associated with the respective Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as such the Fund will not receive all of the protections offered to shareholders of registered investment companies.

KRBN and its subsidiary will be considered commodity pools upon commencement of operations, and will be subject to regulation under the Commodity Exchange Act and CFTC rules. Commodity pools are subject to additional laws, regulations and enforcement policies, which may increase compliance costs and may affect the operations and performance of the Fund and the Subsidiary. Futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC.

The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by changes in overall market movements, volatility of the Index, changes in interest rates, or factors affecting a particular industry or commodity.

Investments in non-U.S. instruments may involve risk of loss due to foreign currency fluctuations and political or economic instability. The Fund’s assets are expected to be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries.

Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

Fund shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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